DISCLAIMER: The Department of Financial Institutions does not provide legal advice. This information is provided for guidance purposes only.
On January 4, 2018, U.S. Attorney General Jefferson B. Sessions issued a short memorandum ("Sessions Memo") rescinding previously issued guidance from the U.S. Department of Justice as to marijuana-related businesses and the provision of financial services to marijuana-related businesses. This includes rescinding the Justice Department’s so-called “Cole Memo” dated August 29, 2013 (“Cole Memo 1”) and the additional memo from former Deputy Attorney General Cole dated February 14, 2014 (“Cole Memo 2”), which was issued as a companion to the Financial Crime Enforcement Network’s BSA Guidance on Marijuana-Related Businesses dated the same date (“FinCEN Guidance”). The Sessions Memo instructs federal prosecutors (including the U.S. Attorney Offices for the Western and Eastern Districts of Washington) to follow pre-existing principles of prosecutorial discretion established in 1980 and as reflected in the U.S. Attorneys Manual, consistent with the U.S. Department of Justice’s finite resources.
Boards and management of Washington state-chartered financial institutions and other Washington state-licensed financial service providers should carefully review the Sessions Memo of January 4, 2018, together with relevant pronouncements from the appointed, interim or acting U.S. Attorneys of the Western and Eastern Districts of Washington, if any.
For additional information, please see the links to certain official documents listed below, including the links to the Sessions Memo and the rescinded guidance (Cole Memo 1, Cole Memo 2, and other Justice Department memos).
Documents
2019
- Letter from State Regulators in Support of HR 1595
September 24, 2019. - Letter from Gov. Inslee and 19 Other Governors In Support of the SAFE Banking Act
June 13, 2019. - State Regulators Letter To Congress Urging Marijuana Banking Fix
April 15, 2019.
2018
- WA DFI Signs Multi-State Letter to Congress Requesting Legislation Regarding Financial Institutions and Legal Marijuana Businesses
August 24, 2018 - U.S Attorney Joseph Harrington Statement on Federal Marijuana Enforcement Policy in the Eastern District of Washington
January 5, 2018 - U.S. Attorney Annette L. Hayes Statement on Federal Marijuana Prosecutions in the Western District of Washington
January 4, 2018 - Department Of Justice, Jeff Sessions, Issues Memo On Marijuana Enforcement
January 4, 2018
2017
- Washington State Officials Meet with USDOJ to Discuss Marijuana Policy
September 29, 2017
2015
- FDIC Statement on Providing Banking Services
January 28, 2015
2014
- Monty Wilkinson, Director of the Executive Office for U.S. Attorneys, Statement Regarding Marijuana Issues in Indian Country
October 28, 2014 - Liquor Control Board Letter to Financial Institutions Regarding Cannabis Accounts
October 16, 2014 - Scott Jarvis Presentation - Anti-Money Laundering & SAR Forum
September 30, 2014 - Federal Interagency Response to Gov. Inslee's Request for Examination Guidance
August 13, 2014 - Division of Banks' Position: Indirect Banking of Marijuana Related Businesses
August 12, 2014 - NCUA Letter to DFI Director Scott Jarvis (PDF)*
July 18, 2014 - FDIC - Bank Secrecy Act Letter to DFI
June 27, 2014 - Liquor Control Board Presentation: Banking the Marijuana Industry
June 24, 2014 - DFI Answers to FAQs
June 23, 2014 - Governors Inslee and Hickenlooper Letter to Federal Regulators Regarding Marijuana Guidance
May 23, 2014 - Letter from Washington State Congress Members to Fed Chair Janet Yellen
March 05, 2014 - DFI Letter to State-Chartered Banks and Credit Unions
February 14, 2014 - Statement from United States Attorney Jenny A. Durkan
February 14, 2014 - FinCEN Guidance Regarding Marijuana Related Businesses
February 14, 2014 - "Cole Memo 2" - Guidance Regarding Marijuana Enforcement
February 14, 2014
2013
- Alastair Fitzpayne, Assistance Secretary for Legislative Affairs Dept of Treasury, Letter to Governors Inslee and Hickenlooper
November 19, 2013 - Letter from Federal Regulators to Governor Inslee Regarding Marijuana Banking
November 15, 2013 - Governors Inslee and Hickenlooper Letter to Federal Regulators
October 02, 2013 - Testimony of Governor Inslee and Washington Attorney General Bob Ferguson to Senate Judiciary Committee Hearing
September 10, 2013 - "Cole Memo 1" - Guidance Regarding Marijuana Enforcement
August 29, 2013 - Attorney General Eric Holder Letter to Governors Inslee and Hickenlooper
August 29, 2013 - Governor Inslee Letter to Attorney General Eric Holder
February 12, 2013
2011
- James M. Cole: Guidance Regarding the Ogden Memo in Jurisdictions Seeking to Authorize Marijuana for Medical Use
June 29, 2011